My leases end soon, looking for advice
Fellow NEPA Investors,
I currently have a 3 - unit multi family in Dunmore, PA. I have owned it since June 2018 and all of my leases are ending March 31st of this year. My leases / tenants were inherited...
some info about the property:
each unit is 3bed/1bath ~1200sq ft each
basically no updates have been made since the 50's?
Tenants pay Electricity
Owner (me) pays: Gas (heat ~$290/month avg), Water - ~$420/month, landscaping/snow removal ($40-$80/month)
Question 1: What do you think is a fair rent increase or fair rent for the area. Keeping in mind that I would much rather them stay then have to turn over a unit.
Tenants currently pay:
Apt 1: $575/month +$25 pet fee + $100 for use of the 2-car garage. Tenant has been there 12+ years
Apt 2: $625/month. Tenant has been there 1 year
Apt 3: $600/month. Tenant has been there 9+ years
Question 2: Should I include the washer and dryer?
The washer & dryer was provided by the original owner (for all 3 units!). It's in their current lease that the owner (me) is responsible for all repairs. They are at LEAST 20 years old and are all about to die. From what I've seen in the area Washer/drier are not typically included. I was thinking to not include these as an owner responsibility moving forward.. Thoughts appreciated on this.
Question 3: Anything you would include in the lease beyond the standard lease agreement?
I've downloaded the bigger pockets lease agreement for Pennsylvania. If anyone has used this, do you think there is anything to add?
Thanks!